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Assignment Auditing & Assurance

   

Added on  2020-05-28

10 Pages1982 Words75 Views
Data Science and Big DataCalculus and Analysis
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Running head: AUDITING AND ASSURANCEAuditing and AssuranceUniversity NameStudent NameAuthors’ Note
Assignment Auditing & Assurance_1

2AUDITING AND ASSURANCETable of ContentsSolution to Question 1 (A) and 1 (B).........................................................................................2References..................................................................................................................................8
Assignment Auditing & Assurance_2

3AUDITING AND ASSURANCESolution to Question 1 (A) and 1 (B) CBAInherent RiskJustification Assertion andLedger AccountsImpactedAudit Procedure1)Handling derivativeinstrumentsandcarrying derivativevaluation adjustmentsof CBA involvesinherent riskAs per annual reportof FY 2017, CBI’strading income isregistered to be$1149 million that isdue to desirablederivative valuationadjustments.Complextransactions in thefinancial servicesegmentwithexposureinderivativeinstruments bearsinherentrisk(William Jr et al.2016).Assertions regardingtransaction classesare:-Occurrence-Firm’stransactions as wellas events that havebeen registered haveoccurred and pertainto the company. Thisrisk also affects thisassertion (William Jret al. 2016).-Completeness-Completeness refersrecordingoftransaction amountsand other data thatneeds to beregistered. In thiscase this might getaffected in this case-Accuracy- level ofaccuracy refers torecordingoftransactions as wellas events correctly.In this case,managing derivativeinstrumentsandadjusting the samemight affect the levelof accuracy. Cut off- It is alsoimportantthattransactions havebeen registered at thecorrect period ofaccounting.Accounts that mightget affected includethe assets andThe assessor mightrequire particularknowledgeforplanning as well asperforming auditproceduresforspecific assertions. -In this case, theassessormightconsider obtainingthoroughunderstandingregardingtheinformation systemforparticularlyderivatives as well assecurities of theentity. -It is important torecognize controlspositioned by servicecorporations thatdelivers service andare a part of theinformation systemformainlyderivatives as well assecurities - Comprehendingapplication of theaccounting principlesforspecificassertions regardingderivatives that againmight require auditorto have knowledgeowing to intricacy ofprinciples-Understanding theprecise process ofdetermination of
Assignment Auditing & Assurance_3

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